Canadian company stands to gain from U.S. president’s thirst for critical minerals
An executive order signed by United States President Donald Trump last week could potentially challenge existing global norms linked to deep-sea mining as he tries to reduce his country’s reliance on China for critical minerals. Trump’s order lists several instructions to speed up the start of seabed mining, such as expediting reviews of mineral exploration licences and commercial permits in areas “beyond national jurisdiction.”
The move was lauded by Vancouver-based Metals Co. Inc. (TMC), which has exploration rights in two areas of the Pacific Ocean and has been evaluating U.S. locations since 2019. On Tuesday, it applied for two additional exploration licences and one commercial recovery permit.
But a United Nations-affiliated group currently in the process of creating a seabed mining code is taking a cautious stance, saying that any attempt to “circumvent international law may incur legal, diplomatic, economic, security, financial and reputational risks.” Trump’s order, however, has once again brought into focus the debate about the economic benefits of seabed mining. Here’s what we know so far.
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